Calypso Uranium Corp. (CLP.V: Quote) said that it had filed a claim before the Argentine Supreme Court requesting the Court to declare Law No. 7,722 enacted by the Province of Mendoza unconstitutional on the grounds that it is discriminatory, arbitrary and violates the Company's right to conduct a lawful business.

Calypso Uranium stated that the Argentine Supreme Court has declined to hear the case brought by the Company against the Province of Mendoza, primarily on the grounds that the Supreme Court lacks jurisdiction to hear the case due to Law No. 7,722 having a predominantly local public nature and is a provincial public law outside the scope of the Supreme Court's jurisdiction.

Calypso Uranium said the Company is now assessing its options in relation to this matter. The decision has no impact on the current and ongoing exploration activities under the joint venture with Cameco Global Exploration Ltd. in the Provinces of Neuquen and Chubut.

In addition, the company said that it has granted 1.50 million stock options pursuant to its previously approved stock option plan to directors, officers, employees and consultants of the Company. The options were granted at an exercise price of $0.15 per share for a period of five years.